Coro Energy PLC (AIM:CORO) has confirmed plans to raise a further £100,000 through a share offer to retail investors.
The company, following its funding and debt restructuring announcement yesterday, has today said it will use the Winterflood Retail Access Platform (WRAP) platform to sell 6.66 million shares each priced at 1.5p.
It is open only to existing shareholders, in the UK. The offer has a minimum subscription of £100 and is open until 4:30pm on 24 January.
The retail offer is not contingent on the £1.9 million equity placing announced yesterday.
Yesterday’s announcement also included a proposal to reorganise Coro’s share capital – effectively turning 2.86 billion shares into 2.86 million shares, first with a 100-for-1 swap, and then a further subdivision of those shares.
At the same time, an equity for debt switch is proposed to debt holders who would end up with 66% of the company post recapitalisation and restructuring.